Futures Off Slightly; Retailers Surging on December Sales

By Sam Mamudi

After yesterday’s New Year/new fiscal deal party, it seems the market has a bit of a hangover this morning. Futures for the leading stock indexes are lower by a small fraction.

Bouncing upwards, however, are retailers, led by Gap (GPS), which is surging 5%. Many retailers this morning reported same-store sales for December that came in ahead of analyst expectations. Other climbers were Ross Stores (ROST) — which also raised its quarterly outlook — up 4.7%, and Nordstrom (JWN), Target (TGT) and TJX Cos. (TJX), all up up 3%. Shares of J.C. Penney (JCP), however, are down 1.6%, though Penney saw a 5.7% gain yesterday.

In corporate news this morning, Hormel Foods (HRL) will buy the Skippy peanut butter business from Unilever for about $700 million in what The Wall Street Journal said was a play to grow in China.

The 215,000 increase in employment was the largest since February and followed a revised 148,000 gain the prior month that was larger than initially reported, figures from the Roseland, New Jersey-based ADP Research Institute showed today. The median forecast of 36 economists surveyed by Bloomberg called for a December advance of 140,000.

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JANUARY 3, 2013 12:07 P.M.

jack potts wrote:

I see JCP closing stores and laying off more people. Unfortunately Johnson is still here. Maybe JCP can get Corzine of MF Global fame or Nardelli who ruined Home Depot and Chrysler under his tenure. isn't America wonderful.? Happy to see BO get back to Hawaii. Maybe he can stay there!!!!!!!!!!!!!!!!!!!!!!

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